diff --git a/.changeset/fix-derived-store-refetch-error.md b/.changeset/fix-derived-store-refetch-error.md
new file mode 100644
index 000000000..af109ebc1
--- /dev/null
+++ b/.changeset/fix-derived-store-refetch-error.md
@@ -0,0 +1,5 @@
+---
+"@solidjs/signals": patch
+---
+
+Fix a derived store (`createStore(fn)`) whose re-fetch rejects never reaching `Errored`: a render effect outside the flight's flush kept showing the last value instead of throwing the derive's error, for sync-to-async and async-to-async derives alike. Memos were unaffected.
diff --git a/packages/signals/src/store/store.ts b/packages/signals/src/store/store.ts
index f23eaf260..13414a199 100644
--- a/packages/signals/src/store/store.ts
+++ b/packages/signals/src/store/store.ts
@@ -1763,11 +1763,13 @@ function pullFamily(target: StoreTarget): void {
     // One that already observes the flight (linked by the pass that saw it
     // go up — the frame's hold, `blocked`) keeps observing it: a re-run for
     // another reason (a guess it read, the seam) that dropped the link would
-    // release the hold with the flight still up.
+    // release the hold with the flight still up. An errored derive has no
+    // landing to learn of: the error is what the frame shows.
     const c: any = context;
     if (
       c !== null &&
       c._type === EFFECT_RENDER &&
+      !(fw._statusFlags & STATUS_ERROR) &&
       fw._config & CONFIG_HELD &&
       flushTransaction !== txOf(fw) &&
       !linkedTo(c, fw)
diff --git a/packages/signals/tests/store/derived-refetch-error-3887.test.ts b/packages/signals/tests/store/derived-refetch-error-3887.test.ts
new file mode 100644
index 000000000..a9eb504e1
--- /dev/null
+++ b/packages/signals/tests/store/derived-refetch-error-3887.test.ts
@@ -0,0 +1,110 @@
+/**
+ * #3887: a derived store whose re-fetch rejects must reach the error
+ * boundary, like a memo's does. The reader is the JSX shape — a render
+ * effect under `Errored` > `Loading` — which `pullFamily` lets keep its frame
+ * while the derive's flight is up; an errored derive has no landing for that
+ * frame to wait for.
+ */
+import {
+  createErrorBoundary,
+  createLoadingBoundary,
+  createMemo,
+  createRenderEffect,
+  createRoot,
+  createSignal,
+  createStore,
+  flush
+} from "../../src/index.js";
+
+async function settle() {
+  for (let i = 0; i < 4; i++) {
+    flush();
+    await Promise.resolve();
+    await new Promise(r => setTimeout(r));
+  }
+  flush();
+}
+
+function mount(read: () => unknown) {
+  const shown: unknown[] = [];
+  const dispose = createRoot(dispose => {
+    const view = createErrorBoundary(
+      () =>
+        createLoadingBoundary(
+          () => {
+            const text = createMemo(() => "content");
+            createRenderEffect(read, () => {});
+            return text;
+          },
+          () => "pending"
+        ),
+      () => "error"
+    );
+    createRenderEffect(
+      () => {
+        let v: any = view();
+        while (typeof v === "function") v = v();
+        return v;
+      },
+      v => void shown.push(v)
+    );
+    return dispose;
+  });
+  return { shown, dispose };
+}
+
+function failingReplacement<T>() {
+  let reject!: (error: Error) => void;
+  const promise = new Promise<T>((_, fail) => (reject = fail));
+  return { promise, fail: () => reject(new Error("replacement failed")) };
+}
+
+describe("a failed derived-store refetch reaches the error boundary (#3887)", () => {
+  it("sync derive replaced by a rejecting async one", async () => {
+    const replacement = failingReplacement<{ value: number }>();
+    const [id, setId] = createSignal(0);
+    const [store] = createStore(() => (id() ? replacement.promise : { value: 0 }), { value: 0 });
+    const { shown, dispose } = mount(() => store.value);
+    await settle();
+    expect(shown.at(-1)).toBe("content");
+    setId(1);
+    await settle();
+    replacement.fail();
+    await settle();
+    expect(shown.at(-1)).toBe("error");
+    dispose();
+  });
+
+  it("async derive replaced by a rejecting async one", async () => {
+    const replacement = failingReplacement<{ value: number }>();
+    const [id, setId] = createSignal(0);
+    const [store] = createStore(
+      () => (id() ? replacement.promise : Promise.resolve({ value: 0 })),
+      { value: -1 }
+    );
+    const { shown, dispose } = mount(() => store.value);
+    await settle();
+    expect(shown.at(-1)).toBe("content");
+    setId(1);
+    await settle();
+    replacement.fail();
+    await settle();
+    expect(shown.at(-1)).toBe("error");
+    dispose();
+  });
+
+  it("memo parity: a memo replaced by a rejecting async one", async () => {
+    const replacement = failingReplacement<number>();
+    const [id, setId] = createSignal(0);
+    const value = createRoot(() => createMemo(() => (id() ? replacement.promise : 0)));
+    const { shown, dispose } = mount(value);
+    await settle();
+    expect(shown.at(-1)).toBe("content");
+    setId(1);
+    await settle();
+    replacement.fail();
+    await settle();
+    expect(shown.at(-1)).toBe("error");
+    dispose();
+  });
+});